Market LIVE: Domestic equity benchmarks likely to start on a cautious note on Monday following the union budget on Saturday. Markets were open on Saturday for the occasion of union budget and they didn’t show enthusiasm Finance Minister Nirmala Sitharaman and the Narendra Modi led NDA government would have hoped for. The path which Sensex and Nifty will truly tell the market’s response for the Budget. Sensex went on a free fall, plummeting almost 1000 points in intraday trade and closed the day at 39,735.53. Nifty too wasn’t far behind in falling appreciably on Saturday and tumbled 300 points to close the day at 11,661.85
In a bid to meet its fiscal requirement and to stop fiscal maths widening to an uncontrollable level, the finance minister has announced the government’s plans to divest part of its stake in the Life Corporation of India. At a current law, 10 per cent of stake must be offloaded in case of listing for the IPO and the government is considering to let go that exact amount of stake in the LIC.
India Inc’s performance for the three months to December 2019 has been abysmal with companies struggling to grow revenues.
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The government will come out with the expression of Interest (EoI) inviting bidders for privatisation of BPCL within few days, a senior official said on Sunday.
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If the Budget FY21 revenue targets appear daunting during the course of the year, the government could exercise the option of overachieving its already high disinvestment target of Rs 2.1 lakh crore for the fiscal by offloading up to 10% stake in LIC, official sources indicated.
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Indian Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.
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Source: Financial Express
